Biolyst LLC is seeking $1.25 million from the sale of equity and warrants, according to documents filed with the Securities and Exchange Commission.
The company, based in Plymouth, Minnesota, wants to franchise a laser system that treats peripheral neuropathy, a painful nerve disease. Biolyst, which launches the system this quarter, is targeting 30 chiropractor and podiatry clinics a year, or about 200 clinics in five years, CEO Phil Walter said in a telephone interview.
Peripheral neuropathy is caused by nerve damage resulting from diabetes, trauma, and infections, according to Mayo Clinic. Symptoms include tingling and numbness in the feet and hands that eventually progresses to pain throughout the body. Treatments include pain relievers, anti-depressants, and anti-seizure medications.
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Backed by angel investors, Biolyst is marketing a laser that stimulates light sensitive cells to produce greater amounts of ATP, an enzyme that speeds the flow of nutrients into cells. Accelerating such metabolic processes can prompt damaged nerves to heal faster, relieving pain, Walter said.
As part of the franchise agreement, Biolyst will market the technology through a website and license a proprietary software to clinics that calculates specific treatment protocols for each patient.
Walter serves on the board of directors of Twin Cities Angels, ReconRobotics Inc. and ecoEnvelopes LLC.